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Account The person handling an estate or a trust must account for all receipts and expenditures to the beneficiaries periodically, usually yearly. The beneficiaries are entitled to know the date, amount, payee or payor and reason for all items of income and expense. They are also entitled to examine the underlying documents, such as invoices, receipts, contracts and cancelled checks. In a court supervised administration of an estate the court must approve the account and the expense items in it usually must have been authorized in advance. In an independent administration the court does not approve the account but the representative must still account to the beneficiaries. The process of giving an account to someone is called an accounting or rendering an account.
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